General Motors plans to transfer its common-stock listing from the New York Stock Exchange to the Nasdaq Global Select Market on November 17. The automaker announced the planned switch on October 27, following board authorization a day earlier and Nasdaq’s approval of the listing.
GM expects its shares to remain listed on the NYSE through the close of trading on November 16, before Nasdaq trading begins the following day. The ticker symbol will remain GM, and existing shareholders do not need to take any action in connection with the transfer.
Chief Financial Officer Paul Jacobson described Nasdaq as a natural home for GM as it pursues a strategy centered on customers and technology. He also thanked the NYSE for its long-standing partnership, according to the company’s announcement attached to its SEC filing.
The new listing would make GM eligible for potential inclusion in the Nasdaq-100, the company said. Eligibility does not guarantee admission to the index, and the announcement does not set an inclusion date. The November 17 timetable concerns the exchange transfer itself.
The listing decision follows GM’s quarterly results, which included a new $20 billion multiyear share-repurchase authorization. The automaker reported $50 billion in third-quarter revenue and $4.1 billion in adjusted earnings before interest and taxes, while narrowing its full-year profit outlook.
